News

Biden’s Tax Plan… What If?

On Wednesday, June 16, the MICPA held a roundtable discussion for members dissecting the possibilities of the imminent tax policy changes pending under the Biden administration.

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IRS Enforcement and Compliance Operations

The majority of compliance operations are already running normally after being suspended to provide pandemic-related relief during the People First Initiative April 1, 2020 through July 15, 2020. However, the IRS kept its systemic and automated lien and levy programs idle since April 2020. With the recent progress the country has made in controlling the COVID-19 pandemic, economic activity is returning to normal. Therefore, IRS plans to return to its normal collection casework processes later this summer to support integrity of the nation’s tax system.

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Licensure Deadlines Approach for Michigan CPAs

Are you ready to renew your license by the July 30 deadline? The MICPA CPE Tracker can help you track your license expiration, CPE hours and your LARA renewal submission. With just two weeks left to check all the necessary CPE requirements off the list, including Michigan Specific Ethics, now is the time to get tracking!

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AICPA Addresses Peer Review and PPP Agreed Upon Procedures

According to the AICPA, CPA firms are concerned about Paycheck Protection Program (PPP) loan services and whether they may be subject to peer review. Fortunately, multiple resources are available for you as you assist your clients through the process of PPP forgiveness.

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Exploring the Role of Employee Resource Groups in Driving Diversity, Equity & Inclusion

Driving diversity, equity and inclusion (DE&I) within the profession has really only gained momentum within recent years, as it has become evident that racial diversity has remained practically stagnant since the 1970s, particularly among African American CPAs. While the profession is predominantly populated by women (60%), it is overwhelmingly led by men and overwhelmingly white (67.3% of all accountants)1. What those statistics do not include, however, is what percentage of CPAs are lesbian, gay, bisexual, transgender, queer and/or questioning, intersex and asexual and/or ally (LGBTQIA+). That is because the first ever survey of CPAs inquiring about sexual orientation was just administered in October 20202.

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Managing Stress in Stressful Times

Managing stress effectively has always been important, now more than ever. When you google the word stress, here is what you get: a state of mental or emotional strain or tension resulting from adverse or very demanding circumstances. What is causing you mental or emotional strain or tension in your life?

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Have you been leading from fear or purpose?

The pandemic pushed us all to our limits. The uncertainty surrounding life & business and the need to pivot at a moments’ notice forced us to react. Reactive leadership is driven by fear. We’re operating and behaving so as to avoid fear and discomfort, and there was a plenty of that going around! But this wasn’t new during the pandemic; chances are, you were leading from fear long before COVID-19 made an entrance.

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Nuts & Bolts of Cryptocurrency Taxation

Cryptocurrency is heading mainstream. According to a recent study conducted by New York Digital Investment Group, there are 46 million bitcoin holders in the U.S. This constitutes roughly 17% of the adult population. Institutions have also shown increased interest in this space. Publicly traded companies like Tesla, MicroStrategy and several other fintech giants have invested their corporate cash reserves in bitcoin. PayPal, Venmo and Robinhood have offered cryptocurrency services to millions of users.

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Leading Virtual Teams

Last April, I received a phone call from an old friend who wanted to vent about a colleague who was particularly struggling as a virtual leader. Like many others, they were working from their respective homes due to COVID. My friend had observed that this colleague, who was leading a team of six, was holding a daily Zoom check-in call at 8:00 am for her team because “she wanted to make sure that they had gotten up.” “Doesn’t she know what she is doing to morale?” my friend expressed in disbelief.

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Deloitte’s MADE Commits $75 Million to Fuel Greater Racial and Ethnic Diversity in Tax and Accounting

Deloitte announced today the establishment of Making Accounting Diverse and Equitable (MADE), a commitment to generate more advisory, auditing, and tax career opportunities and leadership pathways for the next generation of certified public accountants (CPAs). MADE represents a bold vision for the accounting profession, both in terms of increasing racial and ethnic diversity, and helping students of color see and realize their future in business through the prism and possibilities of accounting.

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